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Research
Zee Entertainment Enterprises Ltd - Ventura
Posted On : 2012-10-10 19:22:42( TIMEZONE : IST )
Expected surge in subscription revenues due to the new digitization reforms, higher than expected ad-revenue growth and enhanced reached from the Media Pro venture should help revenues grow at a CAGR of 15.7% to Rs.4,711.3 crore by FY15 from the current FY12 revenues of Rs.3,040.5 crore. Further, sharp decline in carriage costs going forward and curtailed losses on the sports business should help lift margins and improve earnings to Rs.1,296.8 crore from the current Rs.589.0 crore over the forecast period FY13-15 (CAGR of 30.2%). At CMP of Rs.197, ZEEL trades at a PE multiple of 28.2x and 19.8x its estimated earnings for FY13 and FY14 and we recommend a BUY with a target price of Rs.273 over a period of 24 months.
